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我们都是主动的投资者

苏黎世——长期以来,投资者一直在争论,他们的投资组合是应该主动管理,还是被动跟踪市场指数,但这种讨论正在变成一场余兴节目。令人振奋的是,人们的注意力正转向最重要的事情:有关战略性资产配置的主动决策,这在很大程度上决定了随后的投资回报。套用上世纪60年代米尔顿•弗里德曼(Milton Friedman)的话,我们现在都很活跃。

诚然,被动的全球交易所交易基金(ETFs)经历了爆炸式的增长——从2003年略高于2000亿美元的资产上升至去年4.6万亿美元——这使得它们能够从更昂贵的主动管理基金中获得市场份额。如果为只活跃的基金支付更高的费用几乎不会带来额外的价值,投资者则应选择成本更低的选项(尤其是在牛市期间,只要参与其中就能获得巨大回报)。然而,低成本交易所交易基金的迅速崛起对投资管理产生了另外两个重要影响。

首先,主动式管理将面临费用压力,尤其是对表现较差的基金而言。例如,对冲基金经理收取“2加20”费用——2%的管理费加上20%的利润——已降到三分之一以下。对冲基金过去10年的平庸表现以及流动性替代品的出现,佣金没有进一步下降令人意外。此外,所有投资策略中活跃基金的平均费用从2000年的1%左右降至2017年的0.72%,下降趋势并没有减弱的迹象。

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